As Bitcoin continues its remarkable journey towards $35,000, altcoins like Solana, Chainlink, and Pepe are catching the wave, showcasing their potential to ride alongside the crypto OG and make their mark in the ever-evolving world of digital currencies.
Bitcoin’s recent surge towards $35,000 has not only benefited the popular cryptocurrency itself, but also a number of altcoins. While smaller meme tokens typically experience a boost following a Bitcoin rally, more established altcoins have also joined in on the party.
One such altcoin is Solana, which has been branded by some as an “Ethereum killer.” Despite facing a slump caused by frequent mentions in the ongoing trial of former FTX CEO Sam Bankman-Fried, Solana has managed to record a gain of 40% over the past week. As of Wednesday afternoon, Solana was trading at $33.28, up 8.3% in the past 24 hours.
According to a report by CoinShares, Solana has been the most popular altcoin for investors in major exchange-traded products this year. Last week alone, investors poured $15.5 million into the token, making it the second-highest inflow of capital after Bitcoin. Year-to-date inflows to Solana now stand at $74 million.
Other altcoins that have benefited from this week’s rally include Chainlink, Aptos, and the meme token Pepe. Chainlink, a coin closely associated with the decentralized oracle network of the same name, jumped 56.6% over the past week. Aptos followed closely behind with a 35% weekly gain. Pepe, although largely valued based on hype, had one of the best weekly performances, gaining 88% and about 24% in the past 24 hours.
The rally across the board is partly fueled by investors’ belief that the U.S. Securities and Exchange Commission will soon approve a spot Bitcoin ETF. Traditional finance giants like BlackRock and Fidelity have already filed applications, and Bloomberg analysts put the odds of a spot Bitcoin ETF being approved by January at 90%.
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